Buying or selling a home involves a lot of work, so doing both at the same time complicates the whole operation with quite a bit of juggling. Here are 5 tips to help you buy and sell a house at the same time in Riverside.
DO YOUR MARKET RESEARCH
Since you’re looking to both buy and sell a house at the same time, it’s a top priority that you do your local market research. Finding the sale prices of similar homes surrounding both the for sale and purchase properties helps you price your listing appropriately. It also helps you know what prices are fair in the properties you’re looking to purchase.
If you take the time to figure out what will sell in your neighborhood it will take some of the stress out of the full equation, and then you can focus on finding that perfect property for yourself.
FULLY ANALYZE YOUR FINANCIAL SITUATION
Normally when approaching any sort of property sale or purchase you want to carefully comb through your finances to budget realistically and patch up any holes in your credit history. Due to the special circumstances involved here as you buy and sell a house at the same time, you want to be extra careful and have a very specific budget to which you hold fast.
The reason to be so disciplined with your finances during this transition period is you’re working with a delicate balance of timing. You want to have the finances available in the event you’re stuck temporarily paying two mortgages while waiting for your home to sell.
Keep that important detail in mind when creating your budget, so this balance may mean you have to manage some expectations.
GET A PROFESSIONAL INVOLVED
In order to help you spin all of the plates as you buy and sell a house at the same time, it’s advisable to seek assistance from a qualified, experienced real estate agent. This won’t be the first time they have dealt with a similar situation and they will have lots of useful information and know-how to make things much easier on you, and they will do a lot of the footwork for you to lighten the burden.
Don’t hesitate to get a real estate agent on your side to make everything go much smoother.
NEGOTIATE BOTH MONEY AND CLOSING
Every single offer you put in or you receive could be the important step that gets you closer to moving to your new home, but any offer is worth more than just the monetary value proposed.
Because you are in the position of trying to hop from one property to the next with as little disruption to your everyday life as possible, trying your absolute best to line up closing dates should not be overlooked. The challenge of getting this to happen is unpredictable and entirely up to you and both other parties involved in the negotiations, but it certainly has a chance of happening.
Remember that through negotiations you can try using any offer contingencies or even money to try getting either party to close the gap on your closing dates.
A situation like this is also why you should seek the expertise of a seasoned real estate agent. A real estate agent will do whatever they can to help you get those closing dates synced up, if at all possible.
FORMULATE PLAN B
Even with all of the professional help in the world, there’s a chance that closing dates won’t line up properly, or maybe you have to jump on a purchase before a good offer comes in for your home.
This is where you want to have a backup plan ready to go. You don’t want to find yourself having sold your home and with nowhere to go. Look into renting with a short-term lease or even resort to crashing at a friend’s house if that’s a viable option.